When Chinese pharmacist Hon Lik invented the electronic cigarette in 2003, it was an attempt to wean himself off tobacco. In the 20 years since Mr Hon first lit up his device, debate has raged not only about the effectiveness of vaping as a way of quitting cigarettes but also if inhaling nicotine-infused vapour causes serious health problems of its own.
The Australian government, however, seems to have made up its mind. In the country's strongest measures against tobacco and nicotine for more than a decade, the authorities this week said they will take steps to ban all disposable vapes, restricting flavours and colours, and reducing their nicotine levels. People will still be allowed to use vapes with a prescription to help them stop smoking cigarettes, but the country’s Health Minister Mark Butler was robust in his criticism of vaping, accusing the tobacco industry of using e-cigarettes “to create a new generation of nicotine addicts”.
The country has joined Singapore and Thailand in introducing tough measures to restrict a product whose long-term effects on health remain largely unknown. Although more research is needed into the consequences of e-cigarette use, the World Health Organisation has already said that they “are harmful to health and are not safe”. Cleveland Clinic warns vaping is more likely to lead to asthma and other lung conditions.
Vaping is a complex medical, legal and commercial issue that touches on personal freedoms and responsibilities. That said, the practice will likely face more restrictions in the future, mirroring the way that tobacco smoking in many countries was eventually pushed out of most public spaces and confined to dedicated smoking areas or people’s homes. In the UAE, it is illegal to vape in offices or other closed spaces, sending out a signal about the practice’s social acceptability and the need for careful measures.
The health implications of e-cigarettes will continue to raise their head, particularly given the nature of who is vaping. Most people who vape are young – the US Centres for Disease Control and Prevention says that since 2014, e-cigarettes have been the most commonly used tobacco product among American youth. The American Cancer Society has also cast doubt on the claims that vaping is a safer alternative to smoking saying it “may play a part in some kids or teens wanting to use other, more harmful tobacco products”. This makes it a cause for concern, at the very least.
It is this concern about vaping that seems to have informed Australia’s move and is fuelling the scrutiny that some regulators are applying to a product that came on to the market relatively recently but about which the public knew little. Scientific research into tobacco use took decades to establish the link between smoking and cancer, as well as other serious health conditions. Vaping, as a social phenomenon, is still in its early years.
It is too soon to say if Australia is taking the right step. Some critics have warned that a near ban on vapes could create a market for illegal and unregulated e-cigarettes. But with so much still to be understood about vaping and its consequences, more countries may start to err on the side of caution and rethink their relationship with Mr Hon’s famous device.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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